U.S. futures sharply lower as data still weighs; Dow Jones down 1.07%

U.S. stock futures pointed to a sharply lower open on Friday, ahead of fresh earnings reports, while the Thursday's downbeat U.S. economic reports continued to weigh on equity markets.

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 1.07% drop, S&P 500 futures signaled a 0.89% decline, while the Nasdaq 100 futures indicated a 0.38% slide.

Investors remained cautious after data on Thursday showed that initial jobless claims rose in line with expectations last week, but the number of continuing jobless claims remained above the three million mark for the second successive week.

In addition, U.S. factory output fell to a three-month low in January, due to disruption from unseasonable cold weather.

The U.S. manufacturing PMI declined to 53.7 this month from a final reading of 55.0 in December. Analysts had expected the index to hold steady.

The tech sector was expected to be active, after Microsoft said revenue climbed 14% to a record USD24.5 billion in the fiscal second quarter, which ended December 31, beating market estimates and sending shares up 3.43% in pre-market trade.

Qualcomm dropped 0.49% in early trading however, after saying it bought a portfolio of patents from Hewlett-Packard. HP shares edged down 0.07% in extended trading.

Apple shares dropped 0.68% pre-market, even as billionaire investor Carl Icahn said he increased his stake in the tech giant by another USD500 million, bringing his total holdings in the iPhone maker to about USD3.6 billion.

In the financial sector, Morgan Stanley added 0.13% in early trading amid reports Chairman and Chief Executive Officer James Gorman’s compensation package for last year includes a USD5.06 million stock bonus which is almost double his 2012 equity award.

Other stocks likely to be in focus included Procter & Gamble, Bristol-Myers Squibb, Honeywell, Kimberly-Clark and Xerox, scheduled to report quarterly results later in the day.

Across the Atlantic, European stock markets were sharply lower. The EURO STOXX 50 retreated 1.24%, France’s CAC 40 dropped 0.95, Germany's DAX slid 0.73%, while Britain's FTSE 100 declined 0.62%.

During the Asian trading session, Hong Kong's Hang Seng Index tumbled 1.25%, while Japan’s Nikkei 225 Index plunged 1.94%.

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Dollar broadly higher vs. rivals in subdued trade

The dollar was broadly higher against the other major currencies in subdued trade on Friday, as the greenback regained some ground after weakening broadly on Thursday following the release of downbeat U.S. economic reports.

The dollar was higher against the euro, with EUR/USD down 0.17% to 1.3672.

The dollar came under broad selling pressure on Thursday after data showed that initial jobless claims rose in line with expectations last week, but the number of continuing jobless claims remained above the three million mark for the second successive week.

In addition, U.S. factory output fell to a three-month low in January, due to disruption from unseasonable cold weather.

The U.S. manufacturing PMI declined to 53.7 this month from a final reading of 55.0 in December. Analysts had expected the index to hold steady.

The pound edged lower against the dollar, with GBP/USD easing 0.09% to 1.6623.

In a report, the British Bankers' Association said mortgage approvals rose by GBP46,500 in December, less than the expected 47,200 increase, after an upwardly revised 45,400 rise the previous months.

The dollar was lower against the yen, with USD/JPY retreating 0.58% to 102.68, and steady against the Swiss france, with USD/CHF up 0.01% to 0.8973.

The greenback was mixed to higher against the Australian, New Zealand and Canadian dollars, with AUD/USD tumbling 0.90% to 0.8689,NZD/USD shedding 0.37% to 0.8271 and USD/CAD down 0.38% to 1.1058.

The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.04% to 80.55.

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Forex - GBP/USD edges lower but remains close to 29-month highs

The pound edged lower against the U.S. dollar on Friday, after disappointing U.K. mortgage approvals data, but sterling remained within close distance of a 29-month high as expectations for the Bank of England to raise interest rates sooner than expected supported.

Cable was likely to find support at 1.6475, the low of December 31 and resistance at 1.6725.GBP/USD hit 1.6607 during European morning trade, the session low; the pair subsequently consolidated at 1.6626, edging down 0.07%.

In a report, the British Bankers' Association said mortgage approvals rose by GBP46,500 in December, less than the expected 47,200 increase, after an upwardly revised 45,400 rise the previous months.

Demand for the pound still remained supported after data on Wednesday showed that the rate of unemployment in the U.K. fell to 7.1% in the three months to November, to stand just above the 7% level the BoE has said is its threshold for considering raising interest rates from their current record low of 0.5%.

But the minutes of the BoE’s January meeting, also published on Wednesday, stressed that the bank is in no rush to act.

Sterling was fractionally higher against the euro, with EUR/GBP easing 0.07% to 0.8226.

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European stocks slip lower in cautious trade; Dax down 0.13%

European stocks slipped lower on Friday, despite a better outlook for growth in the euro zone, as downbeat economic reports from the U.S. continued to weigh on equity markets.

During European morning trade, the EURO STOXX 50 declined 0.48%, France’s CAC 40 fell 0.20%, while Germany’s DAX 30 slipped 0.13%.

On Thursday, a larger than expected increase in euro zone private sector activity this month indicated that the recovery in the euro area is strengthening.

Markit said the euro zone’s composite output index rose to a 31-month high of 53.2 in January, up from a final reading of 52.1 in December, as growth picked up in Germany and the rate of decline eased in France.

But investors remained cautious after data on Thursday showed that initial jobless claims rose in line with expectations last week, but the number of continuing jobless claims remained above the three million mark for the second successive week.

In addition, U.S. factory output fell to a three-month low in January, due to disruption from unseasonable cold weather.

Financial stocks were broadly lower, as French lenders BNP Paribas and Societe Generale slipped 0.02% and 0.45%, while Germany's Deutsche Bank inched up 0.01%.

Among peripheral lenders, Spanish banks Banco Santander and BBVA plummeted 1.69% and 3.20% respectively, while Italy's Intesa Sanpaolo and Unicredit declined 0.48% and 1.01%.

Elsewhere, Novartis shares retreated 0.81% after the Swiss pharmaceutical company failed to win backing from a European advisory panel for its Serelaxin treatment for acute heart failure.

On the upside, Celesio surged 5.95% as McKesson Corp. agreed to buy majority owner Franz Haniel & Cie.’s entire holding in the company for EUR23.50 a share.

In London, commodity-heavy FTSE 100 eased 0.08%, weighed by losses in mining stocks.

Shares in Rio Tinto dropped 0.48% and BHP Billiton lost 0.77%, while rivals Glencore Xstrata and Polymetal retreated 0.79% and 1.19% respectively.

In the financial sector, stocks were mixed. Lloyds Banking and HSBC Holdings slid 0.28% and 0.58%, while Barclays edged up 0.13% and the Royal Bank of Scotland gained 0.75%.

In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.28% fall, S&P 500 futures signaled a 0.20% loss, while the Nasdaq 100 futures indicated a 0.23% slide.

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Forex Trading Signal for 24th January 2014

                                                                                


Japan (Tokyo)                               United Kingdon (London)                        USA (New York)

For more easy access,,,,,,Download our mobile application on your mobile :   Click Fxsignals 

EUR/USD

 Up Trend :

 (1) BUY

E/P: 1.36452

T/P: 1.36652

S/L: 1.36152

 

GBP/USD

Up Trend:

(1) BUY

E/P: 1.66159

T/P: 1.66359

S/L: 1.65859

NOTE: The above posted Signals are delayed 2 - 4 hours after it has been  generated.
Daily forex signals are sent ontime to only our subcribers.

To subcribe: click here

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Forex Trading Signal for 23rd January 2014

                                                                                


Japan (Tokyo)                               United Kingdon (London)                        USA (New York)

For more easy access,,,,,,Download our mobile application on your mobile :   Click Fxsignals 

EUR/USD

 Down Trend :

 (1) SELL

E/P: 1.35503

T/P: 1.35303

S/L: 1.35803

 

GBP/USD

Up Trend:

(1) BUY

E/P: 1.65405

T/P: 1.65605

S/L: 1.65105

NOTE: The above posted Signals are delayed 2 - 4 hours after it has been  generated.
Daily forex signals are sent ontime to only our subcribers.

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Forex Trading Signal for 22nd January 2014

                                                                                


Japan (Tokyo)                               United Kingdon (London)                        USA (New York)

For more easy access,,,,,,Download our mobile application on your mobile :   Click Fxsignals 

EUR/USD

 Up Trend :

 (1) BUY

E/P: 1.35522

T/P: 1.35722

S/L: 1.35222

 

GBP/USD

Up Trend:

(1) BUY

E/P: 1.64573

T/P: 1.64773

S/L: 1.64273

NOTE: The above posted Signals are delayed 2 - 4 hours after it has been  generated.
Daily forex signals are sent ontime to only our subcribers.

To subcribe: click here

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